USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2334; (P) 1.2391; (R1) 1.2428; More

Intraday bias in USD/CAD remains on the downside for the moment. Current fall from 1.2947 should target 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

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